Manus raises more than $500 million after Meta exit

Oct 8 (Reuters) - Butterfly ‌Effect, the parent ​company ​of AI startup Manus, said on Thursday it had completed a more than $500 million ‌funding round as the firm resumed independent operations ⁠after unwinding Meta's $2 billion-plus acquisition.

The round was co-led by Boyu ‌Capital and IDG Capital, with ‌existing investors Tencent, HSG, and ZhenFund also participating.

• Manus develops general-purpose AI agents that can autonomously carry ​out tasks such as research and automation with minimal human input

• In April, Beijing ordered Meta ⁠to unwind its acquisition of Manus amid tightening scrutiny of US investment ​in Chinese startups developing advanced AI technologies

• Manus said in August it would resume operating ​as an independent company and ‌delete some user data as part of its separation from Meta

• The Information reported ⁠in June that Manus' annualised revenue run rate had surged to about $500 million, up from $100 million when Meta acquired it, and that ⁠the firm was considering a joint-venture structure incorporated in China, ​paving the way for a Hong Kong listing

• However, Manus won't begin the process for a Hong Kong initial public offering ‌until at least 2027, according to a source familiar with the matter, who declined ‌to be named as they are not authorized to ⁠speak to the media

(Reporting ‌by Rajveer Singh ​Pardesi in Bengaluru and Kane Wu in Hong Kong; Editing by Eduardo Baptista and Jan ‌Harvey)

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